CLMT targets fresh tenants and stronger retail mix

PETALING JAYA: CapitaLand Malaysia Trust (CLMT), which saw growth in its bottom line for the first quarter ended March 31, 2025 (1Q25), will step up efforts to attract exciting new tenants and curate a stronger retail mix across its portfolio.

Its real estate investment trust (REIT) manager, CapitaLand Malaysia REIT Management Sdn Bhd (CMRM), said the focus remains on enhancing the retail experience through asset upgrades and introducing new concepts.

As part of its ongoing efforts, it recently completed enhancement works at Gurney Plaza, introducing new retail concepts to attract shoppers, said CMRM chief executive officer Yong Su-Lin.

“At The Mines, we have secured a new kids playland operator which will occupy approximately 25,000 sq ft of net lettable area. This addition will further enrich the mall’s experiential offerings and strengthen our retail portfolio,” it said.

CLMT’s 1Q25 net property income rose 9.6% year-on-year (y-o-y) to RM70.09mil from RM63.98mil, driven by higher revenue across most of its properties.

Distributable income was up 10.9% y-o-y to RM37.3mil from RM33.6mil. The REIT declared a distribution of 1.28 sen per unit, up 7.6% from 1.19 sen in 1Q24.

Gross revenue rose 7.6% y-o-y to RM120.4mil from RM111.88mil, driven by positive rental reversions, step-up rent adjustments and the commencement of rental income from the Glenmarie Distribution Centre in January 2025.

Property operating expenses rose 5% y-o-y to RM50.3mil in 1Q25.